Bitcoin at six-month low…accumulated uncertainty, DAT refinancing burden, AI-driven funding squeeze

Bitcoin (BTC) fell below $100,000, recording its lowest level since May.

On the 14th (local time), according to Forbes, Bitcoin fell intraday to $96,682, about 23% lower than the record high set in early October. The market said that accumulated uncertainty, refinancing burdens of digital asset holding companies (DAT), and post-AI investment funding squeezes have collectively strengthened selling across risk assets.

Experts interpret the recent decline as reflecting "accumulated fatigue" rather than a single variable. They analyze that macro environment changes — weakened expectations for rate cuts, concerns about economic slowdown, and the exhaustion of positive factors after the government shutdown ended — constrained the rally in risk assets. On the same day, U.S. stock markets also showed weakness across risk assets, with the S&P 500 and the Dow falling more than 1.6%.

Structural market burdens were also highlighted. In the AI investment boom, equity markets centered on tech stocks have relied on debt-based large-scale investment demand, and in the process, demand for corporate, government, and digital asset-related funding increased simultaneously, accumulating liquidity pressures.

In particular, the refinancing risk of DAT companies holding large amounts of digital assets was cited as a mid-term risk factor. If a market crash or credit squeeze occurs, companies that have purchased Bitcoin using borrowing-based instruments such as convertible bonds may face debt repayment pressure, which could lead to additional selling, analysts say.

Tim Enneking, managing partner at Plsalion, said, "This decline is not due to a specific factor but reflects multiple uncertainties reflected at once," adding, "The fact that Bitcoin has risen from a few cents to six figures over the past 15 years itself requires a market reassessment." Greg Magadini, head of derivatives at Amberdata, explained, "After positive factors such as the end of the shutdown, U.S.-China trade expectations, and expectations of Fed easing were all priced in, selling of risk assets occurred," adding, "The borrowing structures of DAT companies can be a potential risk that could cause cascade selling in the event of credit market tightening."